Saudi Aramco's Long View

Saudi Aramco,Saudi Arabia's state oil firm,sees its prospects from a long term perspective.Oil demand in the West is currently very sluggish,according to Khalid al-Fallih,CEO of Saudi Aramco,but Saudi Arabia can survive on lower prices than others can,given the scale of its production.The world has 9-10 trillion barrels of oil.If we look at history,Mr.al-Fallih says,the industry has been able to replace its reserves and more.Our expectations in technology,both in discovery and production,have been very,very bullish.It's gonna take decades to shift from oil in any meaningful way.There is a happy medium,Mr.al-Fallih assures us,where consumers will not be hurt and investors will support exploration.